Centrais Eletricas Brasileiras S A : Eletrobras‘ brAAA/brA-1+’ ratings reaffirmed; outlook remains stable - Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of December, 2023

Commission File Number 1-34129

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(Exact name of registrant as specified in its charter)

BRAZILIAN ELECTRIC POWER COMPANY

(Translation of Registrant's name into English)

Rua da Quitanda, 196 - 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

Press Release

Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

December 20, 2023

Rating Action Summary -On December 19, 2023, S&P Global Ratings raised Brazil's long-term issuer credit ratings from 'BB-' to 'BB' on the global scale. In addition, it reaffirmed the short-term 'B' sovereign ratings on the same scale and 'brAAA' on the Brazilian National Scale. On the same date, we recalibrated the mapping table for the Brazilian National Scale, which allows greater granularity of the relative credit quality of Brazilian companies. -In our view, Centrais Elétricas Brasileiras S.A. - Eletrobras plays a critical role in the Brazilian electricity sector as the largest integrated utility, representing about 30% of the total generation capacity and 44% of the country's transmission lines. -In this context, on December 20, 2023, S&P Global Ratings reaffirmed its long-term and short-term issuer credit ratings' brAAA/brA-1+' on the Brazilian National Scale assigned to Eletrobras. The long-term rating outlook remains stable. -The stable outlook embodies our expectation that the company will continue to deleverage through high EBITDA and liability management initiatives to reduce interest expense. Thus, we project adjusted debt over EBITDA of around 5.0x and internal cash generation (FFO - funds from operations) over adjusted debt of around 10% in 2024. Rating Action Basis On December 19, 2023, we recalibrated the mapping table of the Brazilian National Scale due to the increase in the sovereign rating, which is the anchor and a fundamental premise in determining the mapping for the national scale. We also consider our expectation of distribution and differentiation of credit quality on the Brazilian National Scale of entities rated on this scale. We reaffirm Eletrobras' 'brAAA' rating by assigning a holistic adjustment to the indicative rating on the Brazilian National Scale. This adjustment embodies our view of the company's essentiality to maintain the stability of the Brazilian electricity system, as it is the largest integrated concessionaire in the sector, representing about 30% of the total generation capacity and 44% of the country's transmission lines. Given the size of the company and the time it would take to replace and/or build new assets, we believe that another entity could not perform these services in the coming years and that the government would provide support if necessary, still considering its smaller influence and participation in Eletrobras after privatization.

LEAD ANALYST Julyana Yokota São Paulo 55 (11) 3039-9731 julyana.yokota @spglobal.com ADDITIONAL ANALYTICAL CONTACT Marcelo Schwarz São Paulo 55 (11) 3039-9782 marcelo.schwarz @spglobal.com RATING COMMITTEE LEADER Candela Macchi Buenos Aires 54 (11) 4891-2110 candela.macchi @spglobal.com

S&P Global Ratings	December 20, 2023	1

Press Release: Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

Outlook

The stable outlook for Eletrobras' rating on the Brazilian National Scale reflects our expectation that the company will continue to deleverage through high EBITDA and liability management initiatives to reduce interest expenses. In this context, we project adjusted debt over EBITDA of approximately 5.0x and FFO over adjusted debt of approximately 10% in 2024.

Downgrade scenario

Although unlikely, in the absence of any action on the sovereign rating, a downgrade could also result from a weaker liquidity of the company.

Elevation scenario

We could raise the company's ratings on the global scale in the face of faster-than-expected deleveraging, with adjusted debt over EBITDA of 4.0x and FFO over adjusted debt above 11% in 2024. We believe the pace of deleveraging may accelerate further due to asset sales and contingency-related management.

Company Description

Eletrobras is the largest integrated electricity concessionaire in Brazil, focusing on generation (with approximately 43.8 GW of installed capacity) and transmission (73,437 kilometers [km] of lines). After privatization in June 2022, the government now holds 10% of the voting rights (compared to 72% previously) and about 43% of the total shares (compared to 61% previously, directly and indirectly) of the company.

Ratings Classification Table

S&P Global Ratings	December 20, 2023	2

Press Release: Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

Certain terms used in this report, particularly certain adjectives used to express our view of the factors that are relevant to the ratings, have specific meanings assigned to them in our Criteria and should therefore be read in conjunction with those Criteria. See the Rating Criteria www.spglobal.com/ratings for more information. Detailed information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action are made available on S&P Global Ratings' public website at www.spglobal.com/ratings.

Criteria and Related Articles

Criteria

-	Environmental, social and governance principles in credit ratings, October 10, 2021.

-	Reflecting subordination risk in corporate entity issue ratings, March 28, 2018.

-	Methodology and assumptions: Liquidity Descriptors for Global Corporate Issuers, December 16, 2014.

-	Key Credit Factors for the Unregulated Power and Gas Industry, March 28, 2014.

-	Corporate Ratings Methodology, November 19, 2013.

-	Key Credit Factors for the Regulated Utility Industry, November 19, 2013.

-	Methodology: Credit factors related to management and governance for corporate entities, November 13, 2012.

-	Principles of credit ratings, February 16, 2011.

-	General Criteria: Group rating methodology, July 1, 2019.

-	Criteria | Corporations | General: Corporate methodology: Indexes and adjustments, April 1, 2019.

-	Methodology: Industry Risk, November 19, 2013.

-	Credit ratings methodology at the national and regional scales, June 8, 2023.

-	General Criteria: Country Risk Assessment Methodology and Assumptions, November 19, 2013.

-	Ratings of Government-Related Entities (GREs): Methodology and Assumptions, March 25, 2015.

Articles

-	Brazil ratings raised from 'BB-' to 'BB' after approval of tax reform; outlook stable, December 19, 2023

-	Sector and Industry Variables Report | General Criteria: Credit ratings methodology at national and regional scales, December 19, 2023

-	S&P Global Ratings Definitions

S&P Global Ratings	December 20, 2023	3

Press Release: Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

Issuer	Initial rating assignment date	Date of previous rating action
Centrais Elétricas Brasileiras S.A. - Eletrobras
Issuer Credit Rating
Brazilian National Scale - long term	April 25, 2019	June 15, 2022
Brazilian National Scale - short term	July 17, 2015	June 15, 2022

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S&P Global Ratings	December 20, 2023	4

Press Release: Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

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S&P Global Ratings	December 20, 2023	5

Press Release: Eletrobras' brAAA/brA-1+' ratings reaffirmed; outlook remains stable

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 22, 2023

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS
By:	/S/ Eduardo Haiama
	Eduardo Haiama Vice-President of Finance and Investor Relations

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.